Orascom secures new projects in Egypt and KSA
Orascom Construction to work on developments worth $300mn
Orascom Construction (OC), Egypt’s biggest construction company, has secured new works in Egypt and Saudi Arabia for a combined contract value of $300mn.
In Egypt, OC has been awarded new projects in collaboration with Emaar’s Misr and Palm Hills Developments. In Saudi Arabia, the company has secured infrastructure contracts in several municipalities.
OC’s mother company, OCI NV, also signed works in Qatar, UAE and the United States in 2014.
The construction group’s chief operating officer, Osama Bishai, commented: “Our wholly owned brands have enjoyed a strong start to 2014, securing new work in several core markets with a total contract value exceeding $600mn. We are confident in our ability to outperform initial forecasts for 2014, and are excited to pursue our pipeline of new awards this year.”
OCI NV also owns a 50% stake in BESIX Group which also secured new contracts in the UAE, Saudi Arabia and Qatar totaling $670mn. The projects include infrastructure work on four new bridges connecting several islands in Abu Dhabi, a new expressway in Qatar and the new Kempinski hotel in Jeddah.